This article discusses some of the reasons for and against consolidation.
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If you are married and you both have private student loans you may have been offered the option to consolidate jointly.
Federal loans may not be consolidated jointly between spouses.
Keep in mind that with a student loan consolidation, you are not saving any money since you are just combining all your student debts into one.
Although the terms are often used interchangeably, they are not the same thing.
Having multiple lenders, whether federal or private, means you need to be on top of paying your bills every month – otherwise it could hurt your credit score.
Having a low credit score can negatively impact future opportunities, such as buying a car or home and even getting a job.
This can be a good strategy, but only if the consolidation offers more benefits than simply a reduction in the number of loan servicers you have to deal with.
Here are some pointers on how to consolidate your student loans to your benefit: You need to know the financial impact of the consolidation before you jump in.
Multiple student loan bills can quickly become a burden between the everyday tasks of life and responsibilities of going to school.
A student loan consolidation will simplify your finances since you will only need to keep track of a single student loan bill each month.
Student loan consolidation and refinancing both result in a single monthly bill, however student loan refinancing could result in significant savings.